The requests were conveyed in two separate letters addressed to the President of the Senate, Senator Godswill Akpabio, and read on the floor during Tuesday’s plenary session.
By Deborah Hassan
365Daily – President Bola Tinubu has formally approached the Senate for approval to secure a total of $6 billion in external loans, aimed at addressing Nigeria’s fiscal pressures and revamping critical port infrastructure.
The requests were conveyed in two separate letters addressed to the President of the Senate, Senator Godswill Akpabio, and read on the floor during Tuesday’s plenary session.
In the first correspondence, the President sought approval to borrow $5 billion from Abu Dhabi Bank. He explained that the facility is intended to cover the budget deficit, support debt financing, and meet other key fiscal obligations of the Federal Government.
In a second letter, Tinubu requested the Senate’s approval to obtain a $1 billion UK/EF loan facility from London Citi Bank to fund the rehabilitation of major port facilities, including the Lagos Port Complex and Tin Can Island Port—two of Nigeria’s busiest and most strategic maritime gateways.
According to the President, the port rehabilitation initiative is designed to “address critical deficiencies, improve efficiency, improve safety standards, support non-oil trade diversification and position Nigeria as a trade hub among others.”
The move comes amid ongoing efforts by the administration to boost infrastructure, enhance trade competitiveness, and reduce reliance on oil revenue through economic diversification.
Following the presentation of the requests, Senate President Akpabio referred both letters to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wammakko, directing the panel to carry out the necessary legislative scrutiny and report back to the chamber today.